PISANI FACTOR

About an hour ago, Bob noted (crowed) how there are many Telecom stocks on the new high list and many oil stocks on the new low list today and who would have thought something like that could possibly happen.

Well my answer to Bob would be - Hey Bob- maybe its time to sell the telecom and buy some oils?

Back to the markets, they are fairly flat as I type after opening higher, moving lower and now climbing back.

Market internals are about as flat as they get and up/down volume on the NYSE is slanted a bit toward the downside.

Semi stocks were the first group to head higher (+.9%) after an early morning selloff followed by the small caps which have now turned flat.

Other sectors/stocks looking good include AAPL LEH KLAC INTC BSC airlines, techs and retail. The worst groups include oils, metals and trannies.

So far a choppy day and more of the same expected. Only trade so far was a buy of the DIA futs near the pivot and a sell as the ticks ripped higher around 11:20. Tick fade trades generally work well in a choppy environment.

And why doesn't anyone on CNBC mention the possibility of a double top. Oh always bullish.